Do you know why it’s important to build a relationship with your banker? This relationship is probably one of the most crucial relationships for any small business. Bankers play a big role in helping businesses obtain capital and should be an advocate for you.
A bank can also be your lifeline when things get tough for your business. Building a relationship formed on trust before you get to the tough times is very important. Establishing trust is based on open communications during both good and bad times – bankers don’t like surprises. You should help your banker understand your business and goals. Your banker is more apt to support you on borderline decisions when they have been kept informed on your business activities. Bankers have a vested interest in helping your business succeed. Having open lines of communication allows your banker to provide you with the right services at the right time.